As of 2:58 pm IST, the world’s largest cryptocurrency was trading 0.6% higher at $118,826. Ethereum gained 1.9% to $3,774, marking its highest level in seven months and drawing investor attention amid signs of rotation from Bitcoin to altcoins.
The broader crypto market reflected a strong risk-on tone, with Solana jumping 5.8%, Dogecoin 7.3%, Cardano 4.1%, and Avalanche up 3%. XRP rallied 1.7% to $3.54 after hitting a fresh all-time high, while BNB, Stellar, Chainlink, Hyperliquid, Hedera, and other altcoins registered solid gains between 2% and 3.2%.
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“A new momentum is building in crypto markets, with Ethereum clearly taking the spotlight,” said Riya Sehgal, Research Analyst at Delta Exchange. “Driven by historic spot ETF inflows and increased corporate treasury interest, ETH has outperformed Bitcoin significantly. This divergence is reshaping market structure.”Sehgal noted that Bitcoin dominance has fallen to 61%, down more than 6% in the past month — a potential early sign of an emerging altcoin season. Rising weekly option premiums and expanded trading ranges in Ethereum also reflect heightened trader expectations.
According to CoinSwitch Markets Desk, Bitcoin is currently trading around $118,900 and remains within a triangular consolidation pattern. “BTC is testing a key resistance trendline that has capped its upside near $123K. While the coin remains in a range, capital is rotating toward ETH and other altcoins, which are showing stronger momentum,” CoinSwitch analysts said.The firm added that macroeconomic pressures, particularly signs of strain in the U.S. housing market, could add to market volatility. A recent study showed that half of the top 50 U.S. metro areas reported year-over-year home price declines in June, compared to just seven in November 2024 — hinting at weakening consumer sentiment.Despite the near-term consolidation, several analysts maintain a bullish outlook on Bitcoin. Srinivas L, CEO of 9Point Capital, believes BTC remains well-positioned for an eventual breakout. “Strong ETF inflows and improving macro sentiment support upside potential. If the current range holds, we expect a move toward $127K and beyond.”
Unocoin CEO Sathvik Vishwanath echoed this view, citing technical indicators such as the golden cross as supportive of continued bullishness. “Bitcoin is transitioning into a mature store-of-value asset,” he said, pointing to rising institutional adoption and favourable regulatory developments in the U.S. “Short-term targets remain in the $125K–$130K range, with some forecasts eyeing $180K–$250K by year-end if momentum holds.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)